Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($340.00q) Expenses: Wages and salaries ($3,100 + $85.00q) Fuel ($32.009) Airport fees ($850 +$31.009) Aircraft depreciation ($10.009) Office expenses ($210 +$1.009) Total expense Net operating income. Actual Results Flexible Budget Planning Budget 59 59 57 $ 16,400 $ 20,060 $ 19,380 8,085 8,115 7,945 2,054 1,888 1,824 2,554 2,679 2,617 590 590 570 437 269 267 13,720 13,541 13,223 $ 2,680 $ 6,519 $ 6,157 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Flights Revenue Actual Results 59 $ 16,400 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 59 $ 20,060 $ EA Planning Budget 57 19,380 Expenses: Wages and salaries 8,085 8,115 7,945 Fuel 2,054 1,888 1,824 Airport fees 2,554 2,679 2,617 Aircraft depreciation 590 590 570 Office expenses 437 269 267 Total expense 13,720 13,541 13,223 Net operating income $ 2,680 $ 6,519 $ 6,157